Two more members of Cheyne Capital Management’s event-driven team have left the firm, bringing to four the number of event-driven managers to depart in the last two months.

Joseph Gebran and Anooj Unarket stepped down on July 4, about two weeks after news broke of event-driven head Simon Davies’ plan to retire from the firm in September. Both Gebran and Unarket were partners at the hedge fund, which they joined in 2010.

In May, Michel Massoud, Davies’ former co-head of event-driven, also left Cheyne. The group is now led by Pierre-Marie di Maria Laval, who joined Cheyne from Meditor Capital Management in March.

From the current issue of

The ratio calendar combination spread couples two ratio calendar spreads, one using calls and the other using puts. The call strike prices are higher than the put strike prices. This strategy is complex and profit is limited, but if a high amount of time value is involved in the short positions, that profit can be substantial and risk is still limited.